Filing Flows › Wheaton Precious Metals (WPM) › Q3 2025
Wheaton Precious Metals (WPM) Q3 2025 earnings results (third quarter 2025)
6-K filed Nov 7, 2025
Wheaton Precious Metals (WPM) reported revenue of $476M for the third quarter 2025 (Q3 2025), +55% from a year earlier and -5% from the quarter before. Operating margin was 66.2%, net earnings $367M (77.1% of revenue).
Wheaton Precious Metals, Q3 2025: revenue $476M (+54% year over year), operating margin 66.2%, net earnings $367M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $476M | -5% | +55% |
| Gross profit | $336M | -5% | +70% |
| Operating profit | $316M | -4% | +79% |
| Net earnings | $367M | +26% | +137% |
What changed
Revenue was $476.3M in Q3 2025, up 55% year over year and down 5% from the previous quarter.
Gross margin was 70.5%, up 6.5 points from a year earlier. Operating profit was $315.5M, a 66.2% margin (up 9.2 points year over year). Of the extra revenue versus a year earlier, 83% reached operating profit, above the 57% margin then. Operating expenses fell 5% while revenue rose 55%. Net earnings were $367.2M, up 137% year over year. The effective tax rate was 11.0%. Non-operating items added $97.1M, 24% of pre-tax earnings, so the bottom line overstates operating performance.
Questions
What was Wheaton Precious Metals' revenue in the third quarter 2025?
Wheaton Precious Metals (WPM) reported revenue of $476M for the third quarter 2025 (Q3 2025), +55% from a year earlier and -5% from the quarter before.
Was Wheaton Precious Metals profitable in the third quarter 2025?
Operating profit was $316M (66.2% of revenue) and net earnings $367M.